CommunityBank merges with Vista

Published 4:21 pm, Friday, March 8, 2013

CommunityBank of Texas intends to merge with Houston-based Vista Bank of Texas sometime this fall, combining the assets of the two independent and privately owned banks to a total of $2.3 billion and giving it the strength to compete in the growing Houston economy, said J. Pat Parsons, chairman and chief executive of CommunityBank.

The bank will be called CommunityBank. Vista Bank chairman and chief executive Robert Franklin Jr. will serve as co-chairman, Parsons said.

The arrangement will help the combined banks ease into a transition when Parsons, who turns 65 this year, decides to retire. Franklin would be the likely successor.

The combined institutions will focus on commercial banking for businesses, home loans, cars, construction and the like, Parsons said.

CommunityBank of Texas opened with $140 million in assets in 2007. In less than 18 months, the bank's assets had grown to more than $1 billion. Today, CommunityBank reports assets of $1.7 billion and has 28 locations. Vista Bank Texas opened in 2006 with about $60 million in assets. Vista now has seven Houston-area branches and assets in excess of $606 million.

CommunityBank of Texas was formed when the former shareholders of Community Bank and Trust acquired County Bancshares Inc. That was the holding company and 100 percent owner of County Bank with seven Southeast Texas locations.

The old Community Bank and Trust in March 2004 had been acquired by the former Texas State Bank.

BBVA, a Madrid-headquartered bank, in June 2006 acquired the old Texas State Bank. It now operates in Texas as Compass Bank.

Parsons had led the old Community Bank and Trust and served as regional president for Texas State Bank's East Texas region. He departed to pursue creation of what became the new CommunityBank.